Stages of Developing a Fintech Application
The Traditional Way
The Finxone Way
Brainstorming
The Industry experts with the Idea begin to map out how they can address a gap in the market
Designing
Engaging an application designer with a strong understanding of UI and UX and with the skills to make an application that looks as great as you want it to can be very expensive
Frontend
A Front end team doesn't just take over from a design team, they will need to work along side each other meaning having to pay for two teams at the same time
Backend
Just a pretty, static front end isn't enough, you need a back end that will handle all the operations and logic that facilitate data processing, storage, and communication, supporting the overall functionality. This means another team of engineers
API Integration
Now you've built your application you need to make sure it will speak to others. And they dont all work the same!! It can be very time consuming to get it right
Cloud host
Now that an application works and has been tested on local servers, it needs to be hosted somewhere that the rest of the world can access it
Regulated Partner
And Finally if your application is backed on to a Regulated financial body you will need to ensure that you have deployed all the prerequisite compliance and security requirements before they allow you to be live
Brainstorming
The Industry experts with the Idea begin to map out how they can address a gap in the market
Drag N Drop Design
No specialist teams of people required, you could even get as far as an MVP without even a CTO! With a Sandbox account you can build an application, test it and even invite beta testers to use it without spending more than a couple of hundred pounds
Publish
Finxone pre-configures all the API linkages and compliance aspects of the application which means that it is much faster to get it past due diligence and go live. You will however, still need to pass the banking KYB and AML compliance
Building Applications the Old Way
- Can costs £500k -£1M
- Pre-revenue cost
- High fiscal risk
- May not be compliant
The Finxone way
- Typical cost ~£200k to live
- Working MVP in weeks
- Lower risk
- Everything pre compliant
The cost-saving potential of Finxone in developing a fintech application is truly astounding. Traditional development processes for fintech applications can be exorbitantly expensive, requiring significant investments in skilled developers, infrastructure, and ongoing maintenance. However, Finxone’s comprehensive platform offers a cost-effective alternative by providing pre-built modules and functionalities that can be tailored to meet specific requirements. This eliminates the need for extensive custom development and significantly reduces development costs. By leveraging Finxone, businesses can save hundreds of thousands of pounds that would have otherwise been spent on lengthy development cycles and associated expenses.